Legal Library

On September 11, 2017, the Securities and Exchange
Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial
Industry Regulatory Authority (FINRA) announced that a Compliance Outreach
Program will be held for municipal advisor professionals at the SEC's Atlanta,
Georgia, Regional Office on November 8, 2017. The program will focus on
regulatory compliance topics including fiduciary duties and practical
implementation under MSRB Rule G-42, supervision, registration, and books and
records. The program will conclude with a regulatory roundtable of SEC, MSRB,
and FINRA staff. A copy of the Agenda is available here (PDF).

This Compliance Outreach Program was announced as an open
forum for municipal advisory industry professionals to discuss current
compliance practices with regulators and promote a more effective compliance
structure for regulatory obligations of municipal advisors. Audience questions
will also be taken during the roundtable portion of the program.

Under the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 and the SEC's permanent
registration rules adopted in 2013, a number of banks and separately
identifiable bank divisions have been required to register as municipal
advisors. Banks that engage in municipal advisory activities, such as acting as
financial advisors to municipal entities in structuring issues of municipal
securities or providing advice with respect to municipal derivatives, are
required to register as a municipal advisor. Exemptions continue to apply for
banks providing advice with respect to certain specified banking products and
services (such as deposit accounts, extensions of credit, or bond indenture
trustee services).

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

CONSUMER WEBSITES

The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or should be formed by the use of this site. The attorney listings on the site are paid attorney advertisements. Your access of/to and use of this site is subject to additional Supplemental Terms.